One Dollar Gas?
Posted on December 4, 2008
Wow! I’m not an economist for obvious reasons. I know this whole crash is bad overall, and I know that the government meddling is making it worse. However, my income and job stability will not be affected, and I’m actually finding some advantages to my budget in all the lower prices. After seeing gas approach the four dollar mark, one dollar gas sounds like a steal!
Gulf Oil CEO Joe Petrowski said on Wednesday that the price of oil could sink to $20 per barrel, and there is a chance gasoline prices could drop as low as $1 per gallon by early next year.
Speaking at a South Shore Chamber of Commerce breakfast at Lombardo’s in Randolph, the Brockton native said that after speculators drove oil prices up, there is a chance that the market will overshoot on the way back down, resulting in much lower prices at the pump.
» Filed Under Economy, Energy, News
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That would be called “self-correction” of the markets. They over-manipulated it one way, so it will swing back the other before it stabilizes – unless they meddle some more… which we know they will.